If you are a relatively young person, you might think that estate planning bears no relevance to you and can be done some time in the future. A responsible person always makes contingency plans for any future eventuality, and that is what an estate plan is. If you have just married or have young children it is all the more important that you are more responsible with your finances so that your spouse, loved ones and minor children are taken care of if you were to meet with an unforeseen accident or death.
Estate planning ensures that all your assets: cash, properties, shares, clothes, jewelry, land, retirement, investment and savings are properly disbursed on your death. The goal of the estate planning is to ensure that most of these assets are transferred to your beneficiaries while paying the least amount in taxes. In case you have minor children, the plan will assign legal guardians for them to act on their behalf until they reach their adulthood. The plan may involve the making of a will and a trust.
After establishing your needs, your estate planning attorney would recommend whether you approach a will-based estate plan or a trust-based plan. A will is a legal document that is a decree of your wishes on how you would like your properties to be distributed on your death. Should you want to set up a trust, the properties would be entrusted to an individual or organization that would manage your property on behalf of the beneficiaries. If you require some person to act on your behalf having legal power to handle your affairs when you are unable or unavailable then the document called a “power of attorney” can be drawn up.
Over the years, the number of trust-based estate plans has been on the rise as creation of a trust involves fewer administrative expenses and so your lawyer would advise it over a will-based plan.
Will based plans generally invite higher administrative costs during probate. Whatever your decision, even a revocable trust would still require you to make a last will and testament to express your last wishes. For all your queries you should visit lawyers who specialize in handling such cases. If you are of sound mental health and above 18 years in age you are eligible to start thinking of making your will and start the process of estate planning. Hannibal MO residents can consult family lawyers who will give you the best counsel.
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